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To: Chartgod who wrote (1413)7/8/2001 8:33:55 AM
From: Arthur Tang  Respond to of 1471
 
Believe me, I used to look at when the Wall street professionals take their vacations; when money will be drawn out, and accounts will be settled(like every Friday 2pm). Most big wheels take vacation including the labor day. Most backroom people take vacation after July 4th. Most brokers take vacation anytime between June and September.

That is the reason for the market to drift without any support during Summer. If a rally is echoed on Wall street, then the market will be supported, people will be at their desks.

The take out of the weak hands will be short and sweet.



To: Chartgod who wrote (1413)7/8/2001 11:02:15 AM
From: TechTrader42  Read Replies (2) | Respond to of 1471
 
Irrational exuberance certainly isn't over, and that would seem to indicate that the "correction" is far from over. CHIR has a P/E of 740.

As for the amusingly complacent notion that P/E ratios have no bearing on prices, the same thing was said about the Nifty Fifty before they crashed. The Nifty Fifty stocks peaked in 1972 with a collective P/E of about 42.

One could have shorted EMC based on its P/E alone.


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